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Russell Simmons on RushCard, Financial Services for Unbanked

Russell Simmons on RushCard, Financial Services for Unbanked

Checking out «goal wallet» and an alternate to pay day loans

Hip-hop mogul Russell Simmons states his UniRush LLC business is directed at a population that is underserved those who avoid using banking institutions.

The prepaid credit card company hopes to introduce a new feature called the «Goal Wallet,» which will offer a $2 fee rebate to RushCard customers that maintain a balance of $500 or more in about four weeks. The business can also be checking out an alternative solution to the business that is high-priced of time loans.

«we have been the anti-bank — maybe maybe maybe not in negative means,» Simmons told ABCNews.com. «I would like to work and build something which is empowering the indegent,» he stated.

Simmons states that the RushCard debit card is used by one or more million users and may be bought for a one-time cost of $3.95 to $14.95. A person can add on funds to your card as required.

The important points associated with card are available in an account ABCNews.com posted earlier in the day this week.

Simmons states the business’s objective is always to provide lower-cost choices for those who can not or will not make use of banking institutions.